National, May 12, 2000 -- XM Satellite Radio (NASDAQ: XMSR) has appointed or promoted several financial management executives in its Finance Department in response to the company's expanding business, financial and investor relations operations. XM recently completed a series of five offerings raising nearly a billion dollars in gross proceeds.
The new executives are Matthew G. McGarvey, Vice President/ Corporate Controller; Deborah A. Cook, Director of Revenue Accounting; Margaret W. Studt, Director of Knowledge Management; Michael J. Morrison, Director of Corporate Finance and Business Affairs; and John A. Kramer, Director of Partner Payments. Additionally, Gregory Cole, Director of Corporate Finance and Business Analysis, assumes additional responsibility for XM's Investor Relations program. Heinz Stubblefield, Senior Vice President and CFO, XM Satellite Radio, made the announcements.
As Vice President/Corporate Controller, Matt McGarvey oversees XM's Accounting Department. He joins the company after almost 20 years with Bell Atlantic and three years with Andersen Consulting, both in the Washington, DC, metropolitan area. Mr. McGarvey began his Bell Atlantic career in 1978 as Supervisor of Corporate Budgets. He served in progressively senior financial management posts, culminating with CIO of the company's Federal Systems Business unit. He joined Andersen in 1997, where his responsibilities encompassed the design, management and implementation of financial systems for multi-million dollar international client companies. Mr. McGarvey is a licensed CPA and graduate of Lambuth College in Jackson, TN.
Reporting to Mr. McGarvey are Deborah Cook, John Kramer and Margaret Studt. As Director of Revenue Accounting Ms. Cook is responsible for XM revenue assurance and recognition. She comes to XM after 16 years with Bell Atlantic, most recently as a Senior Manager in Revenue Planning and Analysis. Also a licensed CPA, Ms. Cook received her Bachelor of Arts degree from the University of Michigan-Flint, her Masters in Tax from American University in Washington, DC, and a Masters in Business Administration from Saginaw Valley State College in Saginaw, MI.
As Director of Partner Payments, Mr. Kramer serves as financial liaison between XM and its programming, manufacturing, and sales and distribution partners. He joins XM after five years with Sprint Corporation where he was Alliance Manager. Previously, he was a Senior Financial Analyst with Marriott Corporation and a Sales/Marketing Engineer with General Electric company. Mr. Kramer has a Masters of Business Administration from the University of Maryland and a Bachelor of Science from Ohio State University.
In her role as Director of Knowledge Management, Ms. Studt is responsible for financial knowledge management systems, including installation of XM's Lawson Financial System, the company's core financial reporting system. Ms. Studt joins XM after 11 years with George Washington University, in Washington, DC, where she led several successful university-wide systems implementations efforts. She is a licensed CPA, has a Masters of Business Administration from George Washington University and a Bachelor of Arts from American University, also in Washington, DC.
In his capacity as Director of Corporate Finance and Business Analysis, Mr. Morrison formulates and develops financial modeling tools and works with the investment bankers and research analysts. Most recently he was Manager of Economic Analysis with Columbia Gas Transmission in Fairfax, VA. Previously, he held several financial planning and analyst positions with the Anker Energy Corporation in Morgantown, WV, and with the British firm Greystone Investments plc. Mr. Morrison earned his Bachelor of Science degree in Applied Mathematics & Statistics from the University of Cardiff, UK.
Also in the Analysis group is Gregory Cole, Director of Corporate Finance and Business Analysis, who now adds investor relations to his responsibilities, which include formulating and developing financial modeling tools and interfacing with institutional and private investors and industry analysts. Mr. Cole joined XM in September 1998 as Manager of Corporate Finance and Business Analysis and was promoted to Director in September 1999. Both Mr. Cole and Mr. Morrison report to Kelly Baker, XM's Vice President of Corporate Finance and Business Analysis. Mr. Baker and Mr. McGarvey report directly to Mr. Stubblefield.
About XM Satellite Radio
XM Satellite Radio is developing a new band of radio. It will create and package up to 100 channels of digital-quality music, news, sports, talk and children's programming at its Washington, DC, broadcast facility. The service will be uplinked to XM's powerful satellites and transmitted directly to vehicle, home and portable radios across the country. XM is scheduled to begin commercial service during the first half of 2001 for a monthly subscription fee of $9.95.
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include uncertainties associated with the launch of our satellites, the company's dependence on third party vendors, its continuing need for additional financing, as well as other risks described in XM Satellite Radio Inc.'s Form 8-K filed with the Securities and Exchange Commission. Copies of the filing are available upon request from XM Radio' s Investor Relations Department.